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Tighter monetary policy in the Philippines

  • The central bank boosted the rate on Special Deposit Accounts by 25bps to 2.25%, but held the benchmark overnight lending rate at 3.5%.
  • Inflation hit 4.5% in May, up from 2.6% a year ago and the highest in three years. The bank's in a tough spot as higher rates may be needed to cool inflation, but they - along with the fast-growing economy - could attract hot money flows into the country. Thus, the SDA rate was hiked to tighten liquidity, but the lending rate was held steady.
  • Analysts expect another 25 basis point rise in the SDA next month.
  • EPHE -1.1%
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